Gifts are never taxable income
to the recipient, and in most cases, they are not taxable to the donor.
Under current law
, each individual is allowed to give up to $1 million in lifetime gifts before they would ever owe any gift tax
. In addition to this lifetime exclusion, there is an annual exclusion of $13,000 that an individual may give to as many other individuals as he wishes in one year without even having those gifts apply towards his lifetime exemption.
If your grandmother gave you and your wife a total of $15,000, that means she gave each of you a gift of $7,500. Therefore she is not even required to report these gifts. If the gifts exceeded the allowed annual exclusion of $13,000 to any one person, she would report the value of the gifts by filing Form 709. But she would still owe no tax
until she had used up her entire $1 million lifetime allowance on gifts.
You owe no taxes on this gift and do not even need to report it anywhere on your tax returns
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